PART TIME UNEMPLOYMENT 4
ByJuly 2016, the unemployment rate in the United States stood at 4.9%and remained unvaried throughout the month amidst market expectationof 4.8% (Trading Economics, 2016). Numerically, the data imply thatat least 7.8 million people did not have any form of employment.Based on gender, adult men represented 4.6% as compared to adultwomen 4.3%. 15.6 % of all teenagers were unemployed. On racial basis,the Asians had the least number of unemployed people with only 3.8%.While the whites had 4.3%, the Hispanic stood at 5.4% while theBlacks experienced the highest unemployment scenario with as high as8.4% (Trading Economics 2016). In general, young adults between 16-21years record the highest rate of unemployment across all races(Bureauof Labor Statistics, 2016).
Theeconomic downtown has varying impacts on different economicindustries, with some firms experiencing more difficulties thanothers. For instance, The New York Times (2010) reports that thehardest hit industries tend to be the manufacturing in regions suchas Rhodes Island, Ohio, Michigan, California, Nevada, Florida andother areas that have invested in housing extensively.
Harvey,who is my longtime friend, had a steady job in a local casino workingfor six days a week. He now works for four days and the company hasintroduced voluntary unpaid leave on request. During ourconversation, I noted that he is struggling to pay bills owing toreduced incomes.
Ifmy family income is reduced to half, our living standards would besignificantly impaired. Some of the small comforts that we enjoytoday such as nice clothing, average meals and a few other thingswould be difficult to obtain.
Thelong term impacts of a family loosing income come in different forms.First, there are chances of developing diseases due to lack of propernutritional requirements as people rely on food stamps. Second,inability to pay bills may lead to homelessness, depression, and evensuicide cases.
Bureauof Labor Statistics.(2016). E-16,Unemployment rates by age, sex, race, and Hispanic or Latinoethnicity.Retrieved 10 August 2016, from http://www.bls.gov/web/empsit/cpsee_e16.htm
TheNew York Times. (2010). Geographyof a recession – Interactive map.
Retrieved10 August 2016, from http://www.nytimes.com/interactive/2009/03/03/us/20090303_LEONHARDT.html
TradingEconomics.(2016). UnitedStates unemployment rate. Retrieved10 August 2016, from http://www.tradingeconomics.com/united-states/unemployment-rate